News Feature
| January 22, 2018

Retailers Have Three Years To Transform Technology To Stay Competitive

The most essential tool in the brick and mortar experience are apps to track inventory.

It’s no secret that brick and mortar stores need technology to thrive in today’s competitive market — but how long do they have to make it a reality? And further, what types of technology are critical to helping them succeed? To address these questions, Riverbed Technology just released the results of its Retail Digital Transformation Survey, revealing a gap in where retailers want to be and where they currently are as well as compelling stats about the current state of retail.

The Riverbed Retail Digital Transformation Survey 2018 polled 300 IT decisions makers across the retail sector in the U.S., Australia, and Germany to examine the current state of brick and mortar retailers and what they need to stay competitive, thrive, and drive stellar customer experiences moving forward. The findings reveal that nearly half say their company will need to adopt new technology in the next three years to evolve and stay competitive, with 98 percent saying cloud-based solutions are critical to transforming the digital retail experience. Although applications to track inventory top the list as the most important technology to keep up with customer demand, 46 percent note their company doesn’t currently use such apps – calling for immediate adoption of cloud-based technology to thrive.

“This study reveals that the ability for brick and mortar retailers to thrive rests on leveraging new cloud-based technology to deliver a superior customer experience and to stay successful,” said Subbu Iyer, SVP and CMO, Riverbed Technology. “Handling the complexities that come with this evolution entirely depend on next-generation infrastructure and management technology to align their physical store presence and digital capabilities for success. Riverbed is aware of the fierce challenges retailers face as they meet rapidly shifting customer needs, and we are committed to helping them gain a competitive advantage through the adoption of software-defined networks and digital experience management.”

The survey of 300 global IT retail decision makers also revealed:

Nearly half say their company will need to adopt new technology in the next three years to evolve and stay competitive

Retail apps for staff to track inventory top the list (40 percent) as most essential tool to evolving brick and mortar experience, followed by virtual assistants and mobile POS technology

Although applications to track inventory top the list as the most important technology to keep up with customer demand, 46 percent note their company doesn’t currently use such apps – calling for immediate adoption of cloud-based technology to thrive.

49 percent believe in-store Wi-Fi and mobile service investments are key for employee efficiency and a superior customer experience

According to the study, next generation technology will play a pivotal role in achieving retailers’ goals for 2018. From networking to Wi-Fi to application monitoring, infrastructure and Digital Experience Management technologies provide retailers with the tools to unlock the value of the digital age and execute their omnichannel approach. Retailers reported that they plan to invest in the following areas over the next 12 months:

Ability to rapidly expand locations (51 percent)

Improving the in-store Wi-Fi and mobile service experience for employees and customers (49 percent)

Ensuring point of sale connectivity and continuity in stores (47 percent)

Delivering new digital services and applications for employees and customers (47 percent)

Enhancing productivity for enterprise mobility applications on and across devices (45 percent)

These investments will allow retailers to optimize their online and in-store channels and to be more competitive and drive stronger revenue. With the right technology strategy in place, retailers enable a seamless experience for customers while reducing capital and operational costs.